For the third week in a row, Black Book reported that wholesale values decreased by at least 0.85%, prompting analysts to say those price declines are “far exceeding the levels that are expected for this time of year.”

According to its newest installment of Market Insights released on Wednesday, Black Book indicated that wholesale values softened by 0.85% during the week that closed on Saturday. That drop came after weekly decreases of 0.86% and 0.89% going back to the end of July.

On a volume-weighted basis, Black Book noticed that the overall car segment decrease was slightly more than the overall market, as car values slid by 0.90%. That reading came a week after car prices dropped 0.92%.

Analysts reported that values for all nine car segments decreased last week, with the prestige luxury car segment leading the way with a 2.00% price decline. Those units also softened by 1.34% a week earlier.

While not quite as much as the 1.06% price drop recorded a week earlier, Black Book said the compact car segment continued to decline, softening by another 0.67%.

That movement came as AAA reported on Monday that the national average for a gallon of regular gas fell 10 cents in the past week to $3.95, due primarily to stable oil prices and fewer drivers than usual fueling up.

“Falling pump prices may eventually lead to more drivers hitting the road again,” AAA spokesperson Andrew Gross said in a news release. “But that hasn’t happened yet. Instead, many drivers are waiting for prices to fall further before reverting to their typical driving habits.”

While it might not take as much cash to fill their fuel tanks, Black Book said its volume-weighted data showed overall truck values decreased 0.82% last week. That’s coming after segment values dropped 0.88% a week earlier.

Analysts noted that all 13 truck segments decreased, even those full-size vans that rose in value for more than a year.

Pacing the truck declines, according to Black Book’s data, were sub-compact luxury crossovers/SUVs (down 1.63%) and full-size luxury crossover/SUVs (down 1.60%).

Black Book rounded out its latest update by noting the estimated average weekly sales rate remained at 65%.

“The wholesale channels have remained consistent the past two weeks, with more model year 2022 vehicles available throughout the lanes, as well as newer used vehicles (model year 2019 to model year 2021),” analysts said. “The condition of these vehicles has been average but with higher mileage.

“Smaller franchise dealers took advantage of the absence of the larger independent dealers and were very active in the lanes last week,” they continued. “Sales rates were stable, but inventory is still on the lower side as sellers’ floors are continuing to soften.

“Fuel prices are still decreasing, but that does not seem to help with the demand, as the market is still on a downward trend, showing signs of weakness,” Black Book concluded.